Formo (formerly known as Legendairy Foods), a German fermented cheese alternatives producer, has raised USD 61 million in Series B funding. Participants included existing investors Foodlabs, EQT Ventures, Lowercarbon Capital, Happiness Capital, Elevat3 Capital, and Grazia Capital, as well as new investors Sazaby League, Seven Ventures, Woodline Partners, The Nature Conservancy, and REWE Group.

The funding will be used for international expansion, product range diversification, revenue growth, and achieving net profitability by 2027. Formo also aims to accelerate the commercialization of animal-free casein for hard cheese production.

In addition to the funding round, Formo has launched two cheese alternatives, Frischhain and Camembritz, in over 2,000 REWE, BILLA, and METRO stores in Germany and Austria. The company uses koji, a fungus traditionally used in Japanese cuisine, to produce sustainable cheese alternatives that claim to generate fewer emissions and use less land and water than dairy cheese.

Analyst QuickTake: This funding round brings the total funds raised by Formo to ~USD 115 million, making it one of the highest-funded alternative cheese producers. Moreover, launching its products in 2,000+ stores in its commercial debut highlights the potential of its products and could lead to further investments.